Will Nasgovitz, who serves as chief executive of Heartland Advisors' assets of approximately $ 1.3 billion, does not demand a "complete financial crisis," but with trillions of corporate debt due in the coming years, the industry veteran is not accurately predict the smooth sailing on the stock market.

"Given the low interest rates, strong economy and relatively simple credit standards, the idea was that borrowing to repurchase shares or finance acquisitions is a low-risk strategy," Nasgovitz said in a recent statement. "But the next five years could seriously test that view of Pollyanna."

As you can see, around $ 3.3 trillion or 48% of all outstanding trade debt is due in 2023. The timing could be problematic.

"The sheer volume would challenge the market to digest the best scenarios, not to mention this economic expansion," Nasgovitz wrote. "Contributing to our sense of caution are the first signs that credit standards for commercial and industrial borrowers are worsening."

As banks tighten, borrowers could ultimately pay higher interest rates just to secure money to withdraw their outstanding obligations.

"We do not currently see any signs of a full-blown financial crisis," he concluded term in the future. "

Read: Why investors should not worry about banks tightening their loans